AUDUSD Short: Shark + Wolfe + S/R + Trend Continuation

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD is nearing the PRZ of a bearish shark in a S/R zone that is confluent with the a bearish Wolfe Wave setup. 200 EMA and SMA may add resistance in this area. To add to bearish bias, this pair has been in a strong downtrend and this would give us an opportunity to ride it down to the .886 fib if price should reach the PRZ. Entry is placed at the shark pattern completion point with a SL above 1.272XA/Moving averages and targets at .618CD, C point, and the .886 fib retracement level.

Bearish Confluence:
  • Bearish shark pattern completion
  • 2.272AB=CD
  • 1.618BC Projection
  • Bearish Wolfe Wave setup
  • S/R Zone
  • 200SMA Resistance
  • 200EMA Resistance
  • Trend Continuation
Thank you for your support, very helpful. I have posted almost the same idea but with a Cypher pattern on H4 TF and its PRZ ends at 0.7385 where your PRZ begins. As i see we can have a very strong resistance zone there.
+1 Reply
glennmercer KlejdiCuni
Very nice, hanks for sharing!
Would you agree, that since you put the PRZ at around .7380 - .7440 an additional trade right now is buying (from about .7250) till that point?
So concretely, long AUD .7250 till .7380 and shorting soon after depending on the PA near that area.
glennmercer _VincentP_
Hi Vincent. Actually, until price reaches the PRZ I am neutral on the pair. This idea is essentially saying that IF price should reach that level, there is a high probability of price reversing toward target. However, I don't have strong evidence to support a long position until then. Hope this helps.
Hi ... Is the PRZ on the red shade?
Hi ccake the PRZ is between .73854-.74363. I did not shade it on this chart because it was becoming too crowded. The red shade is the SL area. Thanks
ccake28 glennmercer
noted. I have followed you for few months and your analysis has more than 90% accuracy. u r so brilliant yet helpful. Thanks. I really appreciate your generosity.
Thanks that made my day! I am here to help, whenever you need clarification feel free to ask :D
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